Benefits of Buying a Fixer-Upper

Whether it’s an increasing demand for multi-generational spaces, apartments in more suburban and rural areas, or environmentally friendly construction methods, there is more need for apartments than ever before. However, apartment development is also more difficult due to the limited availability of land and rental-ready buildings, especially in urban areas.

Renovation Ready

When it is difficult to locate a move-in-ready building or find available vacant land for construction, the solution is to rehabilitate a pre-existing building. One of the main benefits of redeveloping an apartment building like those by Steven Taylor Los Angeles is that much of the necessary property development has already taken place. Utilities like water, sewer, natural gas and electricity have already been put in place, while items like curbs, sidewalks, signage and parking have already been installed. Taking advantage of pre-installed necessities is a wonderful way to save time and money.

Build to Suit

Another advantage of renovating available building stock is that it is easy to design the interior to suit a particular style. Choosing to fix up an existing project means that it is simple to ensure a cohesive interior design and ensure that all apartments by Steven Taylor LA exhibit the same style and amenities. This is especially important when a company prefers to have a similar, distinctive style throughout its building portfolio. Redevelopment is also efficient; since the exterior work is already complete, all work can take place inside. This means that there are no weather- or seasonal-related building delays that can unpredictably extend the construction timeline.

Keep the Character

A major reason to redevelop an apartment is to make sure the exterior stays in keeping with the surrounding neighborhood. This allows for visual integration with nearby buildings and also ensures that area residents are welcoming to the new apartments and their tenants. Rehabilitation is a great way to keep interesting historical details like crown moldings and high ceilings intact; these timeless features are not only visually appealing to potential renters but can also support asking for higher monthly rental fees.

The benefits of redeveloping an apartment building are many, while the downsides are few. Rather than building from the ground up and having to battle weather and high labor and material costs, buying a building to fix up is a great way to circumvent the lengthy building process by starting on interior construction right away. When it is difficult to locate buildable land and affordable up-to-date apartment buildings, renovation is the perfect solution.